SDX Energy announces new gas exploration operations in Morocco
Following several studies carried out in distinct parts of Morocco, SDX Energy announced the discovery of a gas field with a potential of approximately 47 billion cubic feet.
The discovery was published in the company's latest report. In addition, it was revealed that two wells, currently in a state of abandonment, were identified from which more than 3 billion cubic feet could be obtained.
Morocco's commitment to energy exploration, investment and development by the National Office of Hydrocarbons and Mines (ONHYM) and companies such as SDX Energy are part of the national strategy of exploration, production, and development of all energy sources.
In addition, SDX is in discussions to obtain further financing and establish new strategic partnerships that could boost and expand its operations in the coming years in Morocco.
Analysis of developments
The technologies used by SDX Energy have led to several breakthroughs for both Morocco and the company itself. These include:
KSR-22 and OLME-A drilling, estimated at 2.4 and 600 million cubic feet, show a wonderful opportunity to increase gas production that will enhance the company's global position.
The reprocessing of 3D seismic data has enabled better classification of new prospects, improving the efficiency of gas exploration and production. As a result, more than 4.7 billion cubic feet of gas has been discovered across Morocco.
Planning of drilling campaigns: Following the discoveries, SDX Energy has planned by the end of the year to drill and install several wells for gas extraction over at least the next 5 years.
Several companies, including multi-billion-dollar international companies and even ONHYM, which are negotiating to ensure the viability and safety of the projects are not at risk, have been attracted by SDX Energy's new discovery figures.
To support the development of Morocco's energy sector, SDX Energy's discoveries may mark a new milestone in driving investment within the industry.
New challenges and opportunities for SDX Energy
Overcoming the results of the last year is the mission the company has been working on and the reason it has kept prospecting in unusual parts of the country.
The temporary reduction in gas supply by the company to its customers and subsidiaries, those belonging to the CITIC group, has been a major challenge that the company hopes to overcome thanks to the results of the last report. The problems were not only supply-related but also economic. The need for external financing is another of the company's serious pending issues.
The company presented, in the same document, the main investment opportunities that have already been consulted by large multinationals, such as the discovery of the new field, the connection between wells that were deactivated and the acquisition of new 3D seismic data results.
The latter revealed, after the analysis of more than 650 square kilometres, the existence of more than 150 of land where future exploration has a 99% chance of progressing, which will be put out to tender during the first quarter of 2025.
Among the company's objectives, it clarified that ‘as the only gas producer in Morocco, SDX will continue to work closely with ONHYM to ensure a stable gas supply for local industries.’